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Purchase expenses are those expenses which are incurred at the time of purchase of anything, like - Auto rikshwa's bill means travelling expense after purchasing of goods.
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Is purchase returns an expense or income?
it is neither an expense nor an income
What type of an account is a purchase?
contra-expense It's an expense, not a contra expense. If you don't pay the bill within the discount period, and you had recorded the original purchase at net (Purchase price less the early pay discount) then you have more expense, not less, when you don't pay on time.
What type of an account is a purchase discount?
contra-expense It's an expense, not a contra expense. If you don't pay the bill within the discount period, and you had recorded the original purchase at net (Purchase price less the early pay discount) then you have more expense, not less, when you don't pay on time.
Is purchase returns an asset or liability?
purchase return is assets or liability or expense
Is the purchase of a route a capital expense?
If route is purchased for one fiscal year then it is a revenue expense, but if route is purchased for morethan one year then first year purchase portion is revenue expense and remaining portion is long-term asset.
Is the purchase of a building recorded as an expense?
No, the purchase of a building is an expenditure (different from an expense) and therefore must be capitalized.
Is purchase returns an expense or income?
it is neither an expense nor an income
What type of an account is a purchase?
contra-expense It's an expense, not a contra expense. If you don't pay the bill within the discount period, and you had recorded the original purchase at net (Purchase price less the early pay discount) then you have more expense, not less, when you don't pay on time.
What type of an account is a purchase discount?
contra-expense It's an expense, not a contra expense. If you don't pay the bill within the discount period, and you had recorded the original purchase at net (Purchase price less the early pay discount) then you have more expense, not less, when you don't pay on time.
Is purchase returns an asset or liability?
purchase return is assets or liability or expense
Is the purchase of a route a capital expense?
If route is purchased for one fiscal year then it is a revenue expense, but if route is purchased for morethan one year then first year purchase portion is revenue expense and remaining portion is long-term asset.
Which of the following items has no effect on retained earnings expense land purchase dividends revenue?
Land purchase
If you have a requirement to purchase equipment that was previously developed at Government expense and sold exclusively to the military. This type of item is?
You have a requirement to purchase equipment that was previously developed at Government expense and sold exclusively to the military. This type of item is:
Give you some examples of selling expense?
Selling expense is any type of expense incurred to try to sell an item. Advertising, holding fees, and the purchase price that you paid for the item are all selling expenses.
Is Purchase Discount revenue or expense?
Sales discount is not an expense account, but is also a deduction to an income statement. It is just a contra account of a revenue account particularly a sales revenue account.
IS interest Expense an operating expense?
for trading business interest expense is always non-operating expense because of that "the person who use trading business is only to sell and purchase of goods" so the business activity is only to purchase and sell of goods. in this type of business, to perform these activities may face the expenses like transportation, employee salary and rent expenses and sort of thing. rather than interest expense which is an another expense these expense not use to generate operational goods in this type of business or operational income
What is the journal entry of purchase a dog?
Debit Expense Credit Bank
